National Instrument 43-101 Standards of …

1 Unofficial Consolidation May 9, 2016 This document is an unofficial consolidation of all amendments to National Instrument 43-101 Standards of Disclosure for mineral Projects, current to May 9, 2016. This document is for reference purposes only and is not an official statement of the law. National Instrument 43-101 Standards of Disclosure for mineral Projects Table of Contents PART TITLE PART 1 DEFINITIONS AND INTERPRETATION Definitions mineral Resource mineral Reserve Mining Studies Independence PART 2 REQUIREMENTS APPLICABLE TO ALL DISCLOSURE Requirements Applicable to All Disclosure All Disclosure of mineral Resources or mineral Reserves Restricted Disclosure Disclosure of Historical Estimates PART 3 ADDITIONAL REQUIREMENTS FOR WRITTEN DISCLOSURE Written Disclosure to Include Name of Qualified Person Written Disclosure to Include Data Verification Requirements Applicable to Written Disclosure of Exploration Information Requirements Applicable to Written

2 Disclosure of mineral Resources and mineral Reserves Exception for Written Disclosure Already Filed PART 4 OBLIGATION TO FILE A TECHNICAL REPORT Obligation to File a Technical Report Upon Becoming a Reporting Issuer Obligation to File a Technical Report in Connection with Certain Written Disclosure About mineral Projects on Material Properties Required Form of Technical Report PART 5 AUTHOR OF TECHNICAL REPORT Prepared by a Qualified Person Execution of Technical Report Independent Technical Report Unofficial Consolidation May 9, 2016 PART 6 PREPARATION OF TECHNICAL REPORT The Technical Report Current Personal Inspection Maintenance of Records Limitation on Disclaimers PART 7 USE OF FOREIGN CODE Use of Foreign Code PART 8 CERTIFICATES AND CONSENTS OF QUALIFIED PERSONS FOR TECHNICAL REPORTS Certificates of Qualified Persons Addressed to Issuer Consents of Qualified Persons PART 9 EXEMPTIONS Authority to Grant Exemptions Exemptions for Royalty or Similar Interests Exemption for Certain Types of Filings PART 10 EFFECTIVE DATE AND REPEAL Effective Date Repeal Unofficial Consolidation May 9.

3 2016 National Instrument 43-101 Standards of Disclosure for mineral Projects PART 1 DEFINITIONS AND INTERPRETATION Definitions In this Instrument acceptable foreign code means the JORC Code, the PERC Code, the SAMREC Code, SEC Industry Guide 7, the Certification Code, or any other code, generally accepted in a foreign jurisdiction, that defines mineral resources and mineral reserves in a manner that is consistent with mineral resource and mineral reserve definitions and categories set out in sections and ; adjacent property means a property (a) in which the issuer does not have an interest; (b) that has a boundary reasonably proximate to the property being reported on; and (c) that has geological characteristics similar to those of the property being reported on; advanced property means a property that has (a) mineral reserves, or (b) mineral resources the potential economic viability of which is supported by a preliminary economic assessment, a pre-feasibility study or a feasibility study; Certification Code means the Certification Code for Exploration Prospects, mineral Resources and Ore Reserves prepared by the mineral Resources Committee of the Institution of Mining Engineers of Chile, as amended.

4 Data verification means the process of confirming that data has been generated with proper procedures, has been accurately transcribed from the original source and is suitable to be used; disclosure means any oral statement or written disclosure made by or on behalf of an issuer and intended to be, or reasonably likely to be, made available to the public in a jurisdiction of Canada, whether or not filed under securities legislation, but does not include written disclosure that is made available to the public only by reason of - 2 - having been filed with a government or agency of government pursuant to a requirement of law other than securities legislation; early stage exploration property means a property for which the technical report being filed has (a) no current mineral resources or mineral reserves defined; and (b) no drilling or trenching proposed; effective date means, with reference to a technical report, the date of the most recent scientific or technical information included in the technical report; exploration information means geological, geophysical, geochemical, sampling, drilling, trenching, analytical testing, assaying, mineralogical, metallurgical, and other similar information concerning a particular property that is derived from activities undertaken to locate, investigate, define, or delineate a mineral prospect or mineral deposit.

5 Historical estimate means an estimate of the quantity, grade, or metal or mineral content of a deposit that an issuer has not verified as a current mineral resource or mineral reserve, and which was prepared before the issuer acquiring, or entering into an agreement to acquire, an interest in the property that contains the deposit; initial deposit period has the meaning ascribed to that term in section of National Instrument 62-104 Take-Over Bids and Issuer Bids; JORC Code means the Australasian Code for Reporting of Exploration Results, mineral Resources and Ore Reserves prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia, as amended; mineral project means any exploration, development or production activity, including a royalty or similar interest in these activities, in respect of diamonds, natural solid inorganic material, or natural solid fossilized organic material including base and precious metals, coal, and industrial minerals.

6 PERC Code means the Pan-European Code for Reporting of Exploration Results, mineral Resources and Reserves prepared by the Pan-European Reserves and Resources Reporting Committee, as amended; preliminary economic assessment means a study, other than a pre-feasibility or feasibility study, that includes an economic analysis of the potential viability of mineral resources; - 3 - producing issuer means an issuer with annual audited financial statements that disclose (a) gross revenue, derived from mining operations, of at least $30 million Canadian for the issuer s most recently completed financial year; and (b) gross revenue, derived from mining operations, of at least $90 million Canadian in the aggregate for the issuer s three most recently completed financial years; professional association means a self-regulatory organization of engineers, geoscientists or both engineers and geoscientists that (a) is (i) given authority or recognition by statute in a jurisdiction of Canada, or (ii) a foreign association that is generally accepted within the international mining community as a reputable professional association; (b) admits individuals on the basis of their academic qualifications, experience, and ethical fitness.

7 (c) requires compliance with the professional Standards of competence and ethics established by the organization; (d) requires or encourages continuing professional development; and (e) has and applies disciplinary powers, including the power to suspend or expel a member regardless of where the member practises or resides; qualified person means an individual who (a) is an engineer or geoscientist with a university degree, or equivalent accreditation, in an area of geoscience, or engineering, relating to mineral exploration or mining; (b) has at least five years of experience in mineral exploration, mine development or operation, or mineral project assessment, or any combination of these, that is relevant to his or her professional degree or area of practice; (c) has experience relevant to the subject matter of the mineral project and the technical report; - 4 - (d) is in good standing with a professional association; and (e) in the case of a professional association in a foreign jurisdiction, has a membership designation that (i) requires attainment of a position of responsibility in their profession that requires the exercise of independent judgment.

8 And (ii) requires A. a favourable confidential peer evaluation of the individual s character, professional judgement, experience, and ethical fitness; or B. a recommendation for membership by at least two peers, and demonstrated prominence or expertise in the field of mineral exploration or mining; quantity means either tonnage or volume, depending on which term is the standard in the mining industry for the type of mineral ; SAMREC Code means the South African Code for the Reporting of Exploration Results, mineral Resources and mineral Reserves prepared by the South African mineral Resource Committee (SAMREC) under the Joint Auspices of the Southern African Institute of Mining and Metallurgy and the Geological Society of South Africa, as amended.

9 SEC Industry Guide 7 means the mining industry guide entitled Description of Property by Issuers Engaged or to be Engaged in Significant Mining Operations contained in the Securities Act Industry Guides published by the United States Securities and Exchange Commission, as amended; specified exchange means the Australian Stock Exchange, the Johannesburg Stock Exchange, the London Stock Exchange Main Market, the Nasdaq Stock Market, the New York Stock Exchange, or the Hong Kong Stock Exchange; technical report means a report prepared and filed in accordance with this Instrument and Form 43-101F1 Technical Report that includes, in summary form, all material scientific and technical information in respect of the subject property as of the effective date of the technical report; and written disclosure includes any writing, picture, map, or other printed representation whether produced, stored or disseminated on paper or electronically, including websites.

10 - 5 - mineral Resource In this Instrument , the terms mineral resource , inferred mineral resource , indicated mineral resource and measured mineral resource have the meanings ascribed to those terms by the Canadian Institute of Mining, Metallurgy and Petroleum, as the CIM Definition Standards on mineral Resources and mineral Reserves adopted by CIM Council, as amended. mineral Reserve In this Instrument , the terms mineral reserve , probable mineral reserve and proven mineral reserve have the meanings ascribed to those terms by the Canadian Institute of Mining, Metallurgy and Petroleum, as the CIM Definition Standards on mineral Resources and mineral Reserves adopted by CIM Council, as amended. Mining Studies I